Homestead Exemption Laws For Illinois In Phoenix
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FAQ
General Homestead Exemption is better known as the Owner Occupied Exemption. This exemption allows for a reduction up to $6,000 off of the equalized assessed value (EAV). The amount of the exemption is calculated by comparing the 1977 EAV with the current EAV.
Homestead Improvement Exemption In Cook County, an application must be filed with the County Assessor along with a valuation complaint. For information and to apply, contact the Cook County Assessor's Office; all other counties contact the Chief County Assessment Office.
A homestead exemption protects $400,000 equity in a person's dwelling from attachment, execution and forced sale. A homestead means a dwelling in which a person resides. The dwelling may be a house, condominium, or mobile home.
General Homestead Exemption (GHE) (35 ILCS 200/15-175) The amount of exemption is the increase in the current year's equalized assessed value (EAV), above the 1977 EAV, up to a maximum of $10,000 in Cook County, $8,000 in counties contiguous to Cook County, and $6,000 in all other counties.
Benefit: Following the Illinois Property Tax Code, this exemption lowers the equalized assessed value of the property by $8,000.
Qualifications. Age: At least one property owner must be the minimum qualifying age of 65 at the time of application. Residence: The property must be the owner(s) primary residence. A "primary" residence is that residence which is occupied by the property owner(s) for an aggregate of nine months of the calendar year.
Most homeowners are eligible for this exemption if they own and occupy their property as their principal place of residence.
